Correlation Between Bridgford Foods and ANTHEM
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By analyzing existing cross correlation between Bridgford Foods and ANTHEM INC, you can compare the effects of market volatilities on Bridgford Foods and ANTHEM and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Bridgford Foods with a short position of ANTHEM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgford Foods and ANTHEM.
Diversification Opportunities for Bridgford Foods and ANTHEM
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bridgford and ANTHEM is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Bridgford Foods and ANTHEM INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTHEM INC and Bridgford Foods is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Bridgford Foods are associated (or correlated) with ANTHEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANTHEM INC has no effect on the direction of Bridgford Foods i.e., Bridgford Foods and ANTHEM go up and down completely randomly.
Pair Corralation between Bridgford Foods and ANTHEM
Given the investment horizon of 90 days Bridgford Foods is expected to generate 0.94 times more return on investment than ANTHEM. However, Bridgford Foods is 1.06 times less risky than ANTHEM. It trades about 0.32 of its potential returns per unit of risk. ANTHEM INC is currently generating about 0.25 per unit of risk. If you would invest 879.00 in Bridgford Foods on September 13, 2024 and sell it today you would earn a total of 149.00 from holding Bridgford Foods or generate 16.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Bridgford Foods vs. ANTHEM INC
Performance |
| Timeline |
| Bridgford Foods |
| ANTHEM INC |
Bridgford Foods and ANTHEM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgford Foods and ANTHEM
The main advantage of trading using opposite Bridgford Foods and ANTHEM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgford Foods position performs unexpectedly, ANTHEM can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in ANTHEM will offset losses from the drop in ANTHEM's long position.| Bridgford Foods vs. J J Snack | Bridgford Foods vs. Central Garden Pet | Bridgford Foods vs. Central Garden Pet | Bridgford Foods vs. Lancaster Colony |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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